Bitcoin Prices Plunge After China Cracks Down on Currency

The price of bitcoin surged to $1,000 last month , but it dipped far below that mark just as quickly. Baidu, China's largest search engine, announced this week that it would no longer accept the digital currency as a form of payment, triggering a steep drop in the price of bitcoin. The announcement, which was posted on the Baidu website , followed a decision from China's central bank to prohibit financial institutions in the country from processing or insuring bitcoin transactions. See also: As Major Silk Road Competitor Shutters, $100M Vanishes With It “Baidu’s website-acceleration platform decided to suspend Bitcoin payment acceptance from Friday, as recent large fluctuations in Bitcoin’s value makes it unable to safeguard users’ interests,” Baidu said in a statement on its website, translated via Bloomberg . The price of bitcoin, which hit $1,000 for the first time at t...